Macau’s casino industry continued its gradual COVID-19 recovery in March 2025, reporting gaming revenue of MOP19.65 billion (US$2.45 billion). Although still trailing pre-pandemic levels, the latest figures highlight the industry’s steady climb toward 2019 performance benchmarks.
Revenue Performance
According to Macau’s Gaming Inspection and Coordination Bureau, March 2025 saw a 0.8% year-over-year increase in gross gaming revenue (GGR). Year-to-date GGR for the first quarter also edged up 0.6% compared to the same period in 2024.
Despite these gains, March’s revenue was 24% below the MOP25.84 billion recorded in March 2019 prior to the pandemic. However, the month marked the strongest March performance since the emergence of COVID-19 six years ago. March’s revenue dipped slightly (0.4%) from February’s total of $2.46 billion, which benefited from China’s Lunar New Year celebrations.
Recovery and Diversification
Macau, the only region under Chinese jurisdiction where gambling is permitted, continues to redefine its tourism appeal beyond its casinos. Inspired by Las Vegas’ transition into a global luxury entertainment destination, Macau’s operators are investing heavily in nongaming attractions such as sports programs, theme parks, art museums, theaters, and wellness facilities.
Under the terms of their renewed 10-year gaming licenses, which are valid through 2032, the six licensed operators—Sands, Galaxy, MGM, Wynn, Melco, and SJM—are collectively required to invest approximately $19.3 billion into their properties. Of this amount, $16 billion will focus on nongaming enhancements aimed at broadening Macau’s appeal to mainland tourists.
Unique Sustainability Efforts
Macau casinos predominantly feature table games, with baccarat being the most popular. The high volume of baccarat games results in substantial card waste, as many tables use six to eight decks per game. MGM China, a subsidiary of Las Vegas-based MGM Resorts International, has introduced an innovative initiative to recycle used playing cards.
In partnership with a Shenzhen-based tech firm, MGM China is repurposing its cards into eco-friendly packaging. This effort aligns with Macau’s broader push toward a diversified and low-carbon economy. Keith Lei, MGM’s senior vice president of human resources and sustainability, praised the program, stating that it sets “a new standard for sustainable growth in the integrated resort industry.” Macau casinos reportedly burn about five tons of playing cards annually, making this program a notable step toward reducing environmental impact.
Outlook
Analysts anticipate continued growth for Macau’s gaming sector, with Citigroup projecting GGR to rise 4-9% year-over-year in 2025, totaling $29.4 billion-$30.8 billion. While these figures remain below the $36.4 billion achieved in 2019, they signal a promising trajectory for recovery and diversification within Macau’s casino industry.
